BioFuels Lessons Learned From Georgia

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1 The University of Georgia Center for Agribusiness and Economic Development College of Agricultural and Environmental Sciences BioFuels Lessons Learned From Georgia John McKissick, George Shumaker, and Audrey Luke-Morgan University of Georgia

2 Potential BioFuels for Georgia Results of Studies for State Energy Policy Ethanol Biodiesel BioMass Conversion Ethanol Electricity

3 My Granddad's Ethanol Production Facility The original corn value added project!

4 Conventional Ethanol Plant Using Corn Produces: Ethanol Distillers Dried Grain and Soluables (DDGS) CO 2 Ethanol (2 ½ gal/bu*)=$5.00 Corn Bu. = 56 lbs Dry Grind CO 2 (16 lbs/bu*) DDGS (20 lbs/bu*)=$1.50 * Approximate

5 4000 Fueling the Opportunities and Challenges - Corn Ethanol Can we Produce 15BG from corn livestock impact? 70 New Plants in 2007? Adds 1.25 BB to Corn Demand Million Bushels Ga. Use 212 MB, Prod. 26 MB $4.25/bu = Ethanol B.E

6 Planting Intentions: Georgia and U.S. CROP GA ,000 Ac GA ,000 Ac GA %Chg US ,000 Ac US ,000 Ac US %Chg Corn % 90,454 78, % Cotton 1,150 1, % 12,147 15, Hay % 63,056 60, % Oats % 4,029 4, % Peanuts % 1,197 1, % Sorghum % 7,109 6, % Soybeans % 67,140 75, % Tobacco % 344, , % Wheat % 60,303 57, % Primary data source: Prospective Plantings, March 2008, NASS

7 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 -$0.50 Ethanol Futures vs Spot Regular Gas 1/4/2006 2/4/2006 3/4/2006 4/4/2006 5/4/2006 6/4/2006 7/4/2006 8/4/2006 9/4/ /4/ /4/ /4/2006 1/4/2007 2/4/2007 3/4/2007 4/4/2007 5/4/2007 6/4/2007 Ethanol Futures SE Reg Gas Basis

8 ESTIMATED CAPITAL COSTS $0.90 to $2.20 per gallon of capacity 100,000,000 gal con. plant costs about $175 million Fractionation Plant - $220 million

9 ESTIMATED PRODUCTION $3.88 corn cost Million Dollars Feedstock Costs $138 64% Variable Costs $ 57 27% Fixed Costs $ 19 9% Total $214 Per gallon Conv. $2.14 Fractionation $2.26

10 Costs of Ethanol Production 100 million gallon plant Other Variable Fixed Energy 15% 65% Feedstock

11 ESTIMATED $2.37/gal Sales Price Million Dollars Ethanol $237 By-products- DDGS $ 32.8 Total $269.8 Per gallon Conv. $2.70 Fractionation $3.00

12 Breakeven Price Matrix for 100 mm Gallon Plant Corn Ethanol Sales Price Price $1.50 $1.75 $2.00 $2.25 $3.00 $13,123 $25,013,123 $50,013,123 $75,013,123 $3.50 ($17,777,139) $7,222,861 $32,222,861 $57,222,861 $4.00 ($35,567,401) ($10,567,401) $14,432,599 $39,432,599 $4.50 ($53,357,663) ($28,357,663) ($3,357,663) $21,642,337 $5.00 ($71,147,925) ($46,147,925) ($21,147,925) $3,852,075

13 Biodiesel A diesel fuel substitute made by combining alcohol with vegetable oils or animal fats.

14 Potential Feedstocks *Biodiesel can be produced from any type of vegetable or animal fat. Soybean Oil, Cottonseed oil, Canola Oil, Corn Oil, Peanut Oil, Spent Restaurant Fats, Rendered Poultry Fat, Rendered Pork fat, beef Tallow

15 Estimated US Biodiesel Sales M illio n G a llo n s

16 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $- Comparison of Biodiesel & Diesel Prices Jan 4, 2006 to Date 1/4/2006 2/4/2006 3/4/2006 4/4/2006 5/4/2006 6/4/2006 7/4/2006 8/4/2006 9/4/ /4/ /4/ /4/2006 1/4/2007 2/4/2007 3/4/2007 4/4/2007 5/4/2007 6/4/2007 SE B100 Spot Gulf Diesel Basis

17 TECHNICAL CONSIDERATIONS 1 bushel of soybeans 10.5 lbs oil 1.31 gal per bushel 1 ton peanuts yields about 960 lbs oil 128 gal per ton 1 ton cotton seed yields about 520 lbs oil 69 gals per ton Veg oils weigh about 7 ½ lbs per gallon

18 Methyl Ester Process Feedstock Process Products 100 lbs fat/oil 13.8 lbs Methanol 1.15 lbs Catalyst Methyl Ester Process Methyl Ester 98.9 lbs Glycerine lbs Feed Fat 1.15 lbs Methanol 4.6 lbs For each unit of energy used to produce biodiesel, about 3.2 units of energy are gained. Ratio for ethanol is about 1.25.

19 ESTIMATED CAPITAL COSTS $0.90 to $2.50 per gallon of capacity 15,000,000 gal plant costs about $33.5 million

20 ESTIMATED PRODUCTION $.36/lb Feedstock cost 30 million gallon plant Million Dollars Feedstock Costs $ % Variable Costs $ % Fixed Costs $ 6.3 6% Total $103.5 Per gallon $3.46

21 Costs of Biodiesel Production 60 million gallon plant Feedstock Costs Chemicals Utilities Supplies and Services Labor plus Benefits 81% 81% Repairs & Maintenance Insurance Other/Gen./Admin Fixed Cost

22 Total Cost Per Gallon $3.10 $3.00 $2.90 $2.80 $2.70 $2.60 $2.50 $ Million Gallons of Biodisiel

23 ESTIMATED $3.35/gal Sales Price Million Dollars Biodiesel $97.5 By-products $ 4.1 Total $101.5 Per gallon $3.39

24 Breakeven Price Matrix for 60 mm Gallon Plant Feedstock Biodiesel Sales Price Price $2.50 $2.75 $3.00 $3.25 $0.20 $31,596,282 $46,596,282 $61,596,282 $76,596,282 $0.23 $17,761,727 $32,761,727 $47,761,727 $62,761,727 $0.26 $3,927,172 $18,927,172 $33,927,172 $48,927,172 $0.29 ($9,907,383) $5,092,617 $20,092,617 $35,092,617 $0.32 ($23,741,938) ($8,741,938) $6,258,062 $21,258,062 $0.35 ($37,576,493) ($22,576,493) ($7,576,493) $7,423,507

25 BioMass Conversion Convert Biomass into Ethanol called Cellulosic Ethanol Not yet proven on industrial scale Very energy dependent, capital cost Ga. Plant 50mg = $275 Mil.! Convert Biomass into electricity What About Renewable Fuels Portfolio of 15%? Gasification Pyrolosis

26 Gasification Costs Fixed Feedstock 35% Other Variable $25/ton Feedstock Cost

27 Biomass Sources & Costs Pecan Hulls $17.78 Poultry Litter $24.46 Gin Trash $19.94 Wood Chips $27.28 Bark $24.62 Wood Residue $26.46 Peanut Hulls $44.63 Cotton Stalks $50.96 Hay $61.25 Switch Grass $91.25

28 Biomass Feed Stock Availability

29 Plant Size Gasification 160 WTPD 267 WTPD 533 WTPD Production Capacity (kw) 5,956 9,924 19,848 KiloWatt Hours Per Year 50,032,000 83,360, ,720,000 Total Estimated Capital Cost $19,564,260 $29,340,948 $43,777,740 Capital Cost per kw $3,285 $2,957 $2,206 Estimated Operating Costs $5,452,557 $8,128,049 $13,240,628 Operating Cost per kwhr $0.109 $0.098 $0.079

30 Feedstock Cost Impact on Electricity Cost 533 WTPD Gasification Plant Feedstock Price Electricity Cost 0 $0.051 $5 $0.057 $10 $0.063 $15 $0.068 $20 $0.074 $25 $0.079 $30 $0.085

31 Georgia Average Retail Prices (2005 cents per KWhr) by Sector Residential Commercial Industrial Other All Sectors

32 Biomass Generation Balance By County Key Using Multiple Feedstocks

33 Economic Impact of Biofuel Production Per Million Gallons Corn Based Corn Celluosic Celluosic Soybean Oil Ethanol Feedstock Ethanol Feedstock Biodiesel Feedstock Output ($) 2,666,419 1,896,621 2,527, ,212 3,529,303 3,331,927 Labor Income ($) 227, , , , , ,837 Employment State Taxes 1 ($) 23,057 56,209 24,052 9,547 18,710 73,431 Local Taxes 1 ($) 20,242 41,048 20,834 5,956 14,793 57,042 Sum of Taxes 1 ($) 43,299 97,256 44,886 15,503 33, ,473

34 Any Questions?

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